"Yes". My opinion sways back and forth at roughly the same pace as the manufacturers swing from one to the other. I will say, though, that I am kinda partial to those rare generations where they decide to give the buyer some choice. Nintendo is the most famous for this but it was cool when Sony released some Arctic White PS4 Pros etc.

I think about the closest I remember them being on-point spec wise was when the original XBox dropped. I had built up a PC right around the same time and was amazed. They were clones.

The Steam Machine's marketing position has been in hot debate for about a year now; a lot of insiders fear it's a device literally positioned to slip right through the cracks considering PC gamers generally already have PCs for gaming and console gamers aren't going to be swayed by the odd controller and fact that you could in essence, run any PC with an HDMI out in Big Picture Mode with your 360 controller plugged in and accomplish everything this box is setting out to do. I personally like the concept and get geeked out excited about new hardware but feel like reports of this thing killing off the consoles are greatly exaggerated.

I remember working on it intensively right along side the original Jack & Daxter on the PS2.

As a vintage hardware collector, I personally prefer to steer clear of them for the reason's stated by the OP but the fact of the matter is it's a good thing that emulation and online cataloging of classic software exists; otherwise entire libraries of games would be buried with the relatively short lifespan of the console they were tied to.  If, like me, a good deal of the appeal of playing an old game lies in the touch, sounds and experience of the original hardware, avoid the emulators and point your browser to eBay.

I'll never forget my cousin and I renting the Super Nintendo system and Street Fighter II on a weekly basis to get our fix and one week it was out before we could snag it so we rented Pit Fighter for my Genesis. Uhhh yea, was not the same!

Bug!

Clockwork Knight

Virtua Fighter 2

Keep in mind of all the companies currently offering video game hardware, Sony is known for sticking out support with prior gen equipment the longest by far. 

I fully support the theory that the biggest flaw with the system was simply a matter of poor timing.. The 6th Generation was laced with good hardware offerings (Dreamcast, Gamecube) that had the misfortune of attempting to compete against the PS2 juggernaut.  By no means did Nintendo make any fatal flaws with the hardware or even the quality of the content offered for it; Sony just had a better thumb on the pulse of the industry at the time.

I am certain Nintendo would have encountered equally disastrous results (maybe worse even) in the 7th Generation as well had they not gambled (and won) on the motion control gimmick with the Wii.  Of course later on we would be treated to fantastic versions of all the Nintendo franchises we know and love on the system (New Super Mario, Kirby, Donkey Kong Country, Zelda) but it was the uniqueness of the motion control element that put the hardware in so many homes initially.

Then in that line of reasoning, perhaps the Gamecube's biggest flaw is that it was simply too traditional for its own good- it failed to captivate the masses enough to sway them away from Sony even if it did offer quite a solid collection of first party software.

Arguably, isn't that the line they're attempting to blur in this generation with the Wii U? I'd say that assuming the trend of streaming/ downloading games taking the place of physical media continues, one could very well use the Wii U's tablet as a portable.